LOC17:27
14:27 GMT
BRUSSELS, June 26 (KUNA) -- The European Union (EU) announced Monday that its fourth Anti-Money Laundering legislation enters into force today, with the aim of strengthening existing rules, which will make the fight against money laundering and terrorism financing more effective.
The new rules reinforce the existing rules by introducing some changes, including facilitating cooperation and exchange of information between financial and intelligence units from different EU member states, in order to identify and follow suspicious transfers of money to prevent and detect crime or terrorist activities.
It also establishes a coherent policy towards non-EU countries that have deficient anti-money laundering and counter-terrorist financing rules.
Meanwhile, Frans Timmermans, First Vice-President of the European Commission, said in a press statement that "laundered money is oxygen to crime, terrorism and tax-avoidance. We need to cut off its supply as best we can. Today's stronger rules are a big step forward ."
Vera Jourova, EU Commissioner for Justice, said that "terrorists and criminals still find ways to finance their activities and to launder illicit gains back into the economy.
The new rules as of today are crucial to closing further loopholes," she said. (end)
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